Summary List Placement
Commercial real estate data firm Cherre announced today that it has raised $50 million in a growth funding round.
The round was led by growth equity firm Trustbridge Partners, a secretive Shanghai-based company with approximately $11 billion under management that controls WeWork China and has investments in Delos and Talkspace.
Other new backers included Israeli venture firm Glilot Capital and Goldman Sachs vice chairman Mark Schwartz. The round also included previous funders Intel Capital, Navitas Capital, and Carthona Capital, as well as debt from Silicon Valley Bank.
The company, which declined to provide its valuation, has now raised $75 million in total across three rounds.
Cherre — pronounced “cherry” and founded in New York in 2016 — has created an infrastructure tool that connects and combines data sets from different providers. Other real estate data companies, meanwhile, try to create their own databases.
Cherre’s approach allows customers to stitch together their own internal data with that of sector-wide big names including Trepp and Real Capital Analytics as well as smaller, sector-specific information from the likes of Hawk, which tracks data centers.
The data Cherre provides to its customers — who can range from investors and landlords to insurers and advisors — includes occupancy levels, local demographics, and status updates on building loans and mortgages.
Its $50 million investment comes as uncertainty continues to loom over the commercial real estate industry, with the future of giant office towers, in-person retail stores, and the tourism-driven hotel business at stake.
But the uncertainty created a major need for data, in order to figure out, for example, how many people were actually fleeing big-city apartment buildings to buy suburban homes and how deeply office landlords were discounting their vacant space for rent.
“If it wasn’t obvious, we exploded in popularity over the last year,” Cherre cofounder and CEO L.D. Salmanson …read more
Source:: Business Insider